Portugal: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Portugal

In 2021, the Portuguese market for formic acid, its salts and esters increased by 29% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Portugal

In 2021, shipments abroad of formic acid, its salts and esters increased by 183% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a drastic downturn. The growth pace was the most rapid in 2020 when exports increased by 237% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Overall, exports, however, continue to indicate a abrupt setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X tons) was the main destination for exports of formic acid, its salts and esters from Portugal, with a 99% share of total exports. It was followed by Cabo Verde (X kg), with a 0.8% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Spain amounted to +13.1%.

In value terms, Spain ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Portugal, comprising 98% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Spain amounted to +15.1%.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, picking up by 7.6% against the previous year. Over the period under review, the export price, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2018 when the average export price increased by 35% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cabo Verde ($X per ton), while the average price for exports to Spain stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cabo Verde (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Portugal

In 2021, purchases abroad of formic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 11%. Over the period under review, imports of reached the maximum at X tons in 2018; afterwards, it flattened through to 2021.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of formic acid, its salts and esters to Portugal, with a 53% share of total imports. Moreover, imports of formic acid, its salts and esters from Germany exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. The third position in this ranking was held by China (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+6.8% per year) and China (+4.8% per year).

In value terms, Germany ($X), Spain ($X) and China ($X) constituted the largest formic acid, its salts and esters suppliers to Portugal, with a combined 87% share of total imports. These countries were followed by Italy, Belgium and Finland, which together accounted for a further 8.8%.

In terms of the main suppliers, Italy, with a CAGR of +38.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, growing by 33% against the previous year. In general, the import price, however, saw a mild slump. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Belgium ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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